Original Title: Quantum Cloud Nearly Millions WeChat Public Estimated Roller Coaster: Dropped 600 Million in Two Months to 3.2 Billion

News reporter Chen Yuxi

After quantifying the quantum of new media companies operating 981 micro-signals in the short term, rising from 2 billion to 3 billion, it dropped to 3.2 billion after two months.

On June 13, Zhejiang Haoye Co., Ltd. (500226) issued an announcement regarding adjustments to major asset restructuring plans, adjusting the transaction price of the 100% equity of Quantum Cloud, the underlying asset, from RMB 3.8 billion to RMB 3.2 billion.

However, in the announcement, Anhui Yezi Co., Ltd. did not disclose the reasons for the adjustment of the purchase price, and only stated that: “As the asset assessment work is further carried out, the relevant transaction entities further communicate and obtain consensus through the company’s prudent decision making. Reorganization of the relevant program to adjust. ”

The original business of the company is the production and sales of biological pesticides, veterinary drugs, feed additive products, and zirconium products. It began to expand into the culture and entertainment industry in 2017. It has increased the development of online games, agent distribution, and IP and source through acquisitions. Code cooperation business. According to the 2017 annual report, the company’s operating revenue in 2017 was 1.317 billion yuan, net profit was 261 million yuan, and total assets were 5.45 billion yuan.

On April 27, Hedgehog announced that it will acquire 100% of Shenzhen Quanyun Technology Co., Ltd. by issuing shares and paying cash. The introduction of the Yehzai stock trading plan is that Quantum Cloud is a new media company that relies on the "WeChat ecosystem" and focuses on mobile Internet traffic aggregation, operation and realisation.

At present, Quantum Cloud relies mainly on the WeChat social platform to conduct business. The transaction plan shows that there are a total of 981 WeChat public accounts operated by Quantum Cloud, covering emotions, life, fashion, parenthood, culture, tourism and many other fields. The total number of fans exceeds 240 million, and the number of Weixin accounts with the highest number of fans is Kava. The number of micro-cards, fans reached 15.666 million, and the number of fans with more than one million reached 86.

According to Quantum Cloud's unaudited consolidated financial statements for the last two years in the last two years, as of the end of 2017, Quantum Cloud’s owner’s equity was RMB 130 million, its 2017 revenue was RMB 230 million, and its net profit was RMB 153 million; 2016 The annual operating income is 130 million yuan, and the net profit is 87.13 million yuan.

According to the transaction plan released on April 27, the acquisition price of Quantum Cloud for Quantum Cloud was set at 3.8 billion yuan.

The announcement at that time stated that with December 31, 2017 as the evaluation base date, Quantum Cloud’s estimated 100% equity was RMB 3.8 billion. With reference to these estimates, the subject assets were 100% Quantum Cloud. The transaction price of the equity is tentatively set at 38 billion yuan.

However, less than two months later, the valuation of 100% of Quantum’s assets dropped by RMB 600 million.

The adjusted transaction plan shows that the same is in accordance with the evaluation results of the “assessment report” issued by Beijing Zhongqihua Assets Appraisal Co., Ltd., using the December 31, 2017 as the benchmark date, Quantum Cloud’s 100% equity pre- The valuation has become 3.2 billion yuan.

According to the latest trading plan, Quantum Cloud’s 100% equity price is a total of RMB 3.2 billion, of which 75% of the overall transaction consideration is paid by issuing shares and 25% of the overall transaction consideration is paid by cash.

At the same time, the scale of the amount of shares to be raised by Haoye shares has also been reduced from RMB 1 billion to RMB 850 million, of which RMB 800 million was used for the cash payment of this transaction and RMB 50 million was used for the payment of related expenses of this transaction.

Previously, the purchase of Quantum Cloud's high price to acquire quantum cloud has attracted widespread attention. The outside world questioned whether Quantum Cloud’s valuation of over RMB 3.8 billion has a high premium risk. At the same time, there are only 50 editors in the Quantum Cloud Group. 981 micro-signals and maintain their continued profitability.

At the briefing session held on June 8th, in order to challenge the high valuations, the representative of Minsheng Securities, an independent financial advisor of Min Ye Securities, stated that it is reasonable and that Quantum Cloud itself belongs to the mobile Internet advertising industry. We selected 10 cases in the industry that are comparable to the transaction, with an average price-to-earnings ratio of 14.65 times. This dynamic price-earnings ratio for the acquisition of Quanyun's equity at this temporary price of RMB 3.8 billion is 14.3 times, which is slightly lower than that in the industry. The overall valuation of the transaction case. ”

Since the establishment of Quantum Cloud, valuations have changed several times.

According to the transaction plan, since the establishment of the Quantum Cloud, after several equity transfers, the overall valuation was RMB 300 million in October 2016 and the valuation reached RMB 600 million in March 2017. By March 2018, the founder’s One of Li Zhi transferred all of his holdings to Quan Weining, the legal representative of the Quantum Cloud, and the quantum cloud's valuation climbed to 2 billion yuan. Also in April, the valuation of Quantum Cloud’s acquisition of Quantum Clouds amounted to RMB 3.8 billion.

Regarding the short-term difference in the quantum cloud valuation, the representative of Minsheng Securities, an independent financial advisor of Minsheng Securities, stated at the briefing session on June 8 that in 2017, external financial investors had two shares in the Shenzhen Quantum Cloud. According to a valuation of 600 million yuan, a valuation of 2 billion yuan. The 600 million valuation standard is based on the 2016 annual results. The 2 billion valuation is based on 2017 performance, so there is a valuation difference.

For the founder Li Wei, on the eve of the acquisition of Quantum Clouds Co., Ltd., to lower the value of the stock to clear out the shares, he said that in this trading plan, the listed company hopes that non-financial investors can assume the obligation to compensate for the profit, but Li个人 For personal reasons, he is not willing to participate in profit management because he is not involved in business management. This is the reason why the transfer price is low.